In addition to the « fiscal cliff, » now Americans have to watch out for the so-called « dairy cliff. »
According to CBS News, milk prices could double if Congress does not pass the new farm bill by January 1.
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NPR explainedthe bill contains something called the Dairy Product Price Support Program, that helps set the minimum price for milk, or the « support price. »
The bill would replace the last farm bill which actually expired about three months ago but has been operating under a provision from 1949, CBS News reported.
The Agricultural Act calculates prices set in 1949, which was $39.53 per 100 pounds of milk. That is twice as much as the average cost today, NPR reported. If enacted, milk could jump from $4 a gallon to more like $8 a gallon.
The reality is that there is a very serious risk that we might not get a farm bill done this year, » Agriculture Secretary Tom Vilsack recently said, according to USA Today. « The uncertainty of not knowing what the policies are going to be will create difficulties. We need a farm bill and we need it now. »
This story was originally published by Global Post.